MONETARY HISTORY CALENDAR: February 11 – 17

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FEBRUARY 11

1847 – BIRTH OF THOMAS EDISON, US INVENTOR
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good… If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt edged paper. Why? Because the government is behind them, but who is behind the Government? The people. Therefore it is the people who constitute the basis of Government credit. Why then cannot the people have the benefit of their own gilt-edged credit by receiving non-interest bearing currency… instead of the bankers receiving the benefit of the people’s credit in interest-bearing bonds?”

2004 – RON PAUL, US CONGRESSMAN, SPEAKING TO THE HOUSE FINANCIAL SERVICES COMMITTEE
He referred to the Federal Reserve by stating, “maybe there’s too much power in the hands of those who control monetary policy? The power to create the financial bubbles. The power to maybe bring the bubble about. The power to change the value of the stock market within minutes. That to me is just an ominous power and challenges the whole concept of freedom and liberty and sound money.”

FEBRUARY 12

1791 – BIRTH OF PETER COOPER, US INDUSTRIALIST, PHILANTHROPIST (FOUNDED COOPER UNION) AND GREENBACK CANDIDATE FOR PRESIDENT
“The substitution of greenbacks for National bank notes would have the bounty now paid to banks, which, being invested as a sinking fund, would in less than thirty years pay off the whole debt of the country.”

1809 – BIRTH OF ABRAHAM LINCOLN, PRESIDENT OF THE UNITED STATES
Under Lincoln’s administration, the US Government issued 450 million “Greenbacks” – interest and inflation free money. They weren’t government bill, bonds or any other debt-bearing note. They were actual US money.

1873 – COINAGE ACT PASSED BY CONGRESS (THE “CRIME OF ‘73”)
The Coinage Act removed silver as a form of currency (“demonetized) – leaving gold as the major form of US currency. The public didn’t realize at first what happened. With silver no longer a form of money, the overall amount of currency dramatically declined, causing the prices farmers received for their produce to drop (deflation) but the cost of their debts rise. Thousand of famers lost their land. Those who held silver also suffered. This was one of the sparks of the rise of the farmer-led US Populist movement.

FEBRUARY 13

1728 – DEATH OF COTTON MATHER, AUTHOR, MINISTER AND CONVERT TO PAPER MONEY
“Where money has not been introduced, men are brutish and savage and nothing good has been cultivated.”

FEBRUARY 14

2015 – VALENTINE’S DAY – A DAY OF LOVE
In trying to find a link between love and something related to money and debt, came up with this…
Bible, Romans 13:8 “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”

FEBRUARY 15

2007 – QUOTE BY BEN BERNANKE, CHAIR OF THE US FEDERAL RESERVE (THE PRIVATE CENTRAL BANK OF THE US), ON THE US ECONOMY
“Despite the ongoing adjustments in the housing sector, overall economic prospects for households remain good. Household finances appear generally solid, and delinquency rates on most types of consumer loans and residential mortgages remain low.”
Less than a year later, the economy collapses due to the reckless housing loans and speculation by the financial industry. So much for Federal Reserve chairs being, as many believe, great sages. Congress passes a $700 billion bailout bill. The nation was mired in a ‘Great Recession;’ for many an outright Depression. The economy has in some ways today still not recovered.

FEBRUARY 16

1922 – BIRTH OF MARGARET DEVRIES, IMF HISTORIAN
“The extreme volatility of capital flows in response to interest rate difference or anticipation of exchange rate changes was in large part responsible for undermining the international monetary order that existed until the late 1960’s.”

FEBRUARY 17

1950 – TESTIMONY OF JAMES PAUL WARBURG BEFORE US SENATE
Warburg, son of Paul Warburg, the “father of the Federal Reserve,” was a banker, advisor to FDR and member of the Council of Foreign Relations. Speaking before the Senate Committee on Foreign Relations, he stated: “We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest.”

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

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MONETARY HISTORY CALENDAR: January 28 – February 3

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JANUARY 28

2013 – THE CHICAGO PLAN REVISITED, LIVE WEBCAST OF A THE DEBATE INVOLVING MICHAEL KUMHOF OF THE INTERNATIONAL MONETARY FUND
“At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher’s claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.” – “The Chicago Plan Revisited,” IMF Working Paper Research Department, Prepared by Jaromir Benes and Michael Kumhof

JANUARY 29

1737 – BIRTH OF TOM PAINE, US REVOLUTIONARY
Commenting on the value of colonial-issued money, the “Continental”…
“Every stone in the Bridge that has carried us over seems to have a claim upon our esteem. But this was a corner stone, and its usefulness cannot be forgotten.”

1956 — DEATH OF H.L. MENCKEN, US JOURNALIST
“The whole aim of practical politics is to keep the populace in a continual state of alarm (and hence clamorous to be led to safety) by menacing them with an endless series of hobgoblins, all of them imaginary.”

JANUARY 30

1835 — ASSASSINATION ATTEMPT AGAINST US PRESIDENT ANDREW JACKSON
In 1832, Jackson called on Congress not to renew the charter of the Second National Bank of the United States. He vetoed a bill to renew the bank’s charter, saying the bank was guilty of fraud, corruption and controlling the money supply (expanding and contracting the supply of money to economically and politically benefit the bank). He stated, “beyond question…this great and powerful institution had been actively engaged in attempting to influence the elections of the public officers by means of its money.” Jackson ordered the US government to move its money out of the Second Bank. In response, the bank called in all its loans and ceased issuing new loans. An economic panic followed. In 1835, Richard Lawrence fired two guns at Jackson but both misfired. He claimed his assassination attempt was because, in part, “money would be more plenty.”

1882 — BIRTH OF PRESIDENT FRANKLIN D. ROOSEVELT
Roosevelt missed a chance to fundamentally improve our economy, if not democracy, during the Great Depression when he chose to go into debt to pay for his many “New Deal” programs. A group of prominent economists from across the nation had urged him in what was known as “The Chicago Plan” to pay for his programs by issuing debt-free money, based on the previously issued Greenbacks during the Lincoln Administration. Instead, FDR added to the government debt, which enriched bankers and all others who purchased U.S. Treasuries.

1948 – ASSASSINATION OF MOHANDAS GANDHI
“Earth provides enough to satisfy every man’s need, but not every man’s greed.” One of his “7 Deadly Sins” was “wealth without work.” He also said “[a] small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.”

JANUARY 31

1609 – FIRST CENTRAL BANK IN WORLD ESTABLISHED
The first central bank in history, which was publicly owned, was established in Amsterdam.

2013 – PUBLICATION OF “MODERNIZING MONEY” BY ANDREW JACKSON AND BEN DYSON OF POSITIVE MONEY IN THE UK
“When a bank makes loans it increases both the quantity of money in the economy as well as the quantity of debt.”
“The overriding principle when we are deciding who should have the authority to create money is whether or not the ‘creator’ can benefit personally from creating money…this requires the separation of the decision on how much new money is to be created from how that newly created money is to be used.”

FEBRUARY 1

1913 – NATIONAL CITIZENS LEAGUE FOR THE PROMOTION OF A SOUND BANKING SYSTEM SENDS LETTER TO MEMBERS
Backed by bankers and other businesspersons, the League was established to promote a national private central bank. Their letter to their members on this date stated:
“Congress is wavering over the question of banking reform. The Democratic leaders are undecided whether to bring in a currency bill at the special session in the Spring or defer action until the regular session next December …
President-elect Wilson has been quoted as holding the view that public sentiment as to banking reform has not yet crystallized.
Write to Mr. Wilson if you know him. If you don’t know him, it is a good way to get acquainted.
The National Citizens’ League has 10,000 members and a million friends. If every member of the League and every friend of banking reform does his duty, Congress will have substantive evidence that the business world is not indifferent…”

FEBRUARY 2

2018 – GROUNDHOG DAY
The 1993 film, Groundhog Day, tells the story of a TV weatherman who is caught in a time loop — repeating the same day over and over. This is similar to how most nation’s respond to being in debt: by borrowing more money and going into more debt — over and over. It’s an economically destructive loop that forces nations to impose austerity on the majority of its citizens while enriching the elite. Only when the weatherman in the film acts with compassion is the loop broken. And only when nations understand that money can be created not as debt but as assets interest- and inflation-free to meet the physical and human needs of people will the debt loop be broken.

FEBRUARY 3

1690 – FIRST PAPER CURRENCY IN BRITISH COLONIES ISSUED
Massachusetts becomes the first British colony to issue paper money. The money was used to facilitate economic transactions in the absence of British money.

1913 – RATIFICATION OF THE 16TH AMENDMENT, ESTABLISHMENT OF THE US FEDERAL INCOME TAX
The income tax provides a guaranteed and consistent source of income for the payment of any federal government function, including payment of interest on national debt. It was ratified earlier in the same year as passage of the Federal Reserve Act, which turned over the nation’s money power to a private central bank. Many economists believe the dollar holds its value better than the Euro in times of economic crisis since US interest payments from debt can be covered by US income taxes. There is no equivalent European income tax to cover Euro debts. This provides investors greater confidence in the dollar over the Euro.

1924 – DEATH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNITED STATES AND SIGNER OF THE FEDERAL RESERVE ACT
“A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men, who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom. (1911)
[Note: Despite such misgivings, Wilson signed the Federal Reserve Act two years later]

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

 

MONETARY HISTORY CALENDAR: January 21 – 28

 

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JANUARY 21

2013 – POLAND RECEIVES $33.8 BILLION IN LOANS FROM INTERNATIONAL MONETARY FUND (IMF)
“Poland has shown that very strong fundamentals and sound policies help strengthen a country’s resilience to crises. I think this is a key lesson that other countries can draw from Poland’s experience,” Julie Kozack, IMF mission chief for Poland said after the IMF’s Board decision, as quoted on IMF website. Less than 2 years later, on December 1, 2014, investor and economist Matthew Tymand in Forbes magazine comments on Poland’s recession: “Hopefully this coming recession lasts two to three years at most and is accompanied by a changing of the political guard. But, if Polish politics follow the trend of most of Europe…then it will look more like a lost generation (like Japan) and the likes of which the U.S. and parts of the E.U. are embarking upon. In this case the coming recession will last closer to ten years than two or three. Politics matter.”

JANUARY 22

1561 – BIRTH OF SIR FRANCIS BACON, PHILOSOPHER, BRITISH LORD CHANCELLOR
“If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him.”

1719 – DEATH OF WILLIAM PATTERSON, CO-FOUNDER OF THE BANK OF ENGLAND
Patterson was an early Director of the bank, which was created in 1694. “The bank hath benefit of interest on all moneys which it creates out of nothing.”

JANUARY 23

2013 – PUBLISHED ARTICLE, “WHAT WOULD A TRILLION-DOLLAR COIN MEAN?” BY STEPHEN ZARLENGA, DIRECTOR OF AMERICAN MONETARY INSTITUTE ON HUFFINGTON POST
“The emergence of the trillion-dollar coin idea is encouraging in that it recognizes that the federal government has the sovereign power to create its own money…U.S. Constitution Art. I, Sec. 8, Clause 5, “The Congress shall have Power… To coin Money and regulate the Value thereof…”
“The advantages of this sovereign power are several. The federal government could go far beyond merely avoiding a debt limit and could operate without deficit. It could pay off all existing debt, thus eliminating hundreds of billions of dollars of interest payments each year. This would free up revenue to provide desired and necessary services, creating millions of useful economy stimulating jobs — all debt free. This would include repair of degraded infrastructure, universal medical care, and universal education. The federal government could bail out states, many of which are deeply in trouble; and help resolve their pension problems. Again, all of this could be accomplished debt free…
“A trillion-dollar coin could avoid raising the debt limit, but it does not solve most of the problems facing our monetary and banking system. It leaves the same corrupt financial power structure in place. Bank issued debt used for money in our system remains in place — that is the source of current economic stress. It does nothing to reduce the interest burden of the existing federal and state debt. It does nothing about private debt such as housing, consumer, and student debt. It does nothing to get 47 million people off food stamps. It would not repair infrastructure or provide employment.
“The real solution to those problems was introduced into the 112th Congress by Congressman Dennis Kucinich, HR 2990. This bill puts the private Federal Reserve System under the U.S. Treasury, so that money creation in the U.S. becomes a function of government. The accounting privilege banks presently have to create money in the form of debt is ended by ending what is known as the fractional reserve system. New money is introduced into the economy by approved congressional government spending for infrastructure, health care and education.”
http://www.huffingtonpost.com/stephen-zarlenga/trillion-dollar-coin_1_b_2522214.html

JANUARY 24

1811 – CHARTER OF FIRST BANK OF UNITED STATES NOT RENEWED
The federal government issued a 20-year charter in 1791 to create the first national private bank. This was unusual since at the time most corporate charters, or licenses, were issued by states. The Bank was the first private institution empowered by the U.S. federal government to create paper money — with all the power and profit that goes along with it. The bank’s paper money was accepted for taxes. Eighty percent of its shares were privately owned, among these 75% were foreign owned (mostly by the English and Dutch). Originally 5,000 shares were owned by the government; 2,780 of these were sold in the first two years; the final 2,220 were sold (by the Treasury) in 1803 to Baring & Brothers. The bank was modeled on the Bank of England. Within two months of its creation, it flooded the market with loans and banknotes and then sharply shifted course and called in many of its loans. The result was the first US securities market crash — what became known as the “Panic of 1792” – the first of many panics, recessions and depressions due to the private/corporate control of our money system. On January 24, 1811, the result was Congress voting to not renew the bank’s charter, thus dissolving the bank. During the first 50 years of the US, legislatures and courts routinely chose not to renew or revoke corporate charters, which were considered democratic instruments and used to control the actions of corporations.

1932 – DEATH OF PAUL WARBURG, US BANKER
Warburg guided the operations of the National Citizens League, an organization formed in 1911 with $5 million in contributions from the big New York banks (including those owned by Rockefeller and J.P Morgan) to establish an “educational fund.” The fund financed respected university professors to endorse the concept of creating a private central bank, what became the Federal Reserve Bank, created by the 1913 Federal Reserve Act.

1939 – STATEMENT MADE BY ROBERT H. HEMPHILL, CREDIT MANAGER OF THE FEDERAL RESERVE BANK OF ATLANTA
“We are completely dependent on the commercial banks.  Someone has to borrow every dollar we have in circulation, cash or credit.  If the banks create ample synthetic money, we are prosperous; if not, we starve.  We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible; but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied…”

JANUARY 25

1898 – SECOND INDIANAPOLIS MONETARY CONVENTION BEGINS
Billed as a grassroots effort for monetary reform, the second convention brought together nearly 500 representatives from 31 states. It was a follow-up gathering of major corporate leaders (including many bankers and economists representing leading corporations) to the first convention held a year earlier. Participants advocated for a privately run national central bank. Just as the proposed national central bank was misleading (to be privately controlled), the first and second Indianapolis Monetary Conventions were equally misleading. They were hardly “grassroots”, yet the image was useful when lobbying Congress and communicating with the public.

2014 – POSTED MUSIC VIDEO OF MONETARY REFORMER JOE BONGIOVANNI ON “WHY SHOULD GUV BORROW? WHO CONTROLS THE MONEY?”
“Public debt is the government borrowing money. The government of this country has the power to create all the money. And if you had the power to create the money and you said to me: ‘Here, you create the money, I’ll borrow it from you,’ people would think that you were insane. That’s basically the situation we have right now. The government that has the power to create the money, is giving that power to the private banks and the private banks now lend money to the government and pays interest on it and collects that from the taxpayers. That is unfair to the taxpayers. Because right now we have a totally corrupt government. Our government is totally corrupt, and it’s controlled by the bankers and the money powers.”

JANUARY 26

2007 – DEATH OF H.L. BIRUM, FINANCIAL COMMENTATOR
“The Federal Reserve Bank is nothing but a banking fraud and an unlawful crime against civilization. Why? Because they “create” the money made out of nothing, and our Uncle Sap Government issues their “Federal Reserve Notes” and stamps our Government approval with NO obligation whatever from these Federal Reserve Banks, Individual Banks or National Banks, etc.”

JANUARY 27

1738 – BIRTH OF ROBERT YATES, POLITICIAN AND JUDGE
“I can scarcely contemplate a greater calamity that could befall this country, than be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction.” — Brutus pseudonym, probably Robert Yates (1738-1801)

2009 – WILLIAM DUDLEY BECOMES 10TH PRESIDENT AND CEO OF THE NEW YORK FEDERAL RESERVE BANK
“We don’t understand fully how large-scale asset purchase programs work to ease financial market conditions.”
That’s comforting Mr. Dudley. The head of THE most powerful of the regional reserve banks in the USA admits he doesn’t know the full financial impact of injecting trillions of dollars created by the Fed into the economy. Well, the evidence is in. Wall Street banks made out like bandits, while main street businesses and side street homeowners suffered.

2010 — DEATH OF HOWARD ZINN, HISTORIAN
“The challenge remains. On the other side are formidable forces: money, political power, and the major media. On our side are the people of the world and a power greater than money or weapons: the truth. Truth has a power of its own. Art has a power of its own. That age-old lesson – that everything we do matters – is the meaning of the people’s struggle here in the United States and everywhere. A poem can inspire a movement. A pamphlet can spark a revolution. Civil disobedience can arouse people and provoke us to think. When we organize with one another, when we get involved, when we stand up and speak out together, we can create a power no government can suppress. We live in a beautiful country. But people who have no respect for human life, freedom or justice have taken it over. It is now up to all of us to take it back.”

JANUARY 28

2013 – THE CHICAGO PLAN REVISITED, LIVE WEBCAST OF A THE DEBATE INVOLVING MICHAEL KUMHOF OF THE INTERNATIONAL MONETARY FUND
“At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher’s claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.” – “The Chicago Plan Revisited,” IMF Working Paper Research Department, Prepared by Jaromir Benes and Michael Kumhof

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

MONETARY HISTORY CALENDAR: January 14 – 20

Greenbackk

JANUARY 14

1753 – DEATH OF GEORGE BERKELEY, ANGLICAN BISHOP OF CLOYNE IRELAND, PHILOSOPHER
Berkeley wrote The Querest in 1735. It was written as questions, which suggested their own answers. On whether money has inherent value, he asked/wrote: “Whether money is to be considered as having an intrinsic value, or as being a commodity, a standard, a measure, or a pledge as is variously suggested by writers? On the evolution of exchange and money, “Whether in the rude original society the first step was not the exchanging of commodities, the next a substitution of metals by weight as the common medium of circulation, after this the making use of coin, lastly a further refinement by the use of paper with proper marks and signatures? And whether as it is the last so it be not the greatest improvement? And whether money be not in truth tickets or tokens for conveying and recording such power, and whether it be of great consequence what materials the tickets are made of.”

1875 – U.S. CONGRESS PASSES SPECIE RESUMPTION ACT
Wall Street bankers hated federal Greenbacks (U.S. created debt-free money issued by the administration of Republican President Abraham Lincoln.). They preferred “hard money” or “specie” money (paper money backed by gold), since the major banks controlled most of the nation’s gold. Ohio Senator John Sherman (so close was he to the First National Bank of New York that the bank was dubbed “Fort Sherman”) was the major advocate of the Specie Resumption Act, passed during the lame-duck controlled Congress (where have we heard that before). The Act legislated the U.S. Treasury to resume the issuance of legal tender notes backed only by gold (Greenbacks were only backed by the faith and credit of the US). The Act also took steps to reduce the amount of Greenbacks in circulation — a step toward the creation of bank issued debt-money that the government would borrow from them at interest vs using government money without having to pay interest. Farmers and small manufactures opposed the Act, fearful that a contraction of the money supply would lead to a recession or depression. The Act took effect on January 1, 1879. It was a major step toward the re-consolidation of the nation’s money supply and economy toward the Money Trust.

2009 – DEATH OF CHARLES WALTERS, FOUNDER OF ACRES MAGAZINE, A VOICE FOR ECO-AGRICULTURE
“Once upon a time the nobles of Europe believed they had accomplished the physical impossibility of perpetual interest simply by owning all the land and raking in tribute from the peasantry, and when death finally pulled down an economic maggot, then there was always the heir. The historical showdown arrived, of course, and the ‘new nobles’ were forced to invent a more subtle form of tribute taking. It came on as debt, interest, compound interest, and all the institutional arrangements required to make the producing community share its income with the creditor. For centuries the details have stacked up, but economists [by and large] have failed to draw the appropriate conclusions.”

JANUARY 15

2014 – SPEECH BY INTERNATIONAL MONETARY FUND (IMF) MANAGING DIRECTOR CHRISTINE LAGARDE AT THE NATIONAL PRESS CLUB, WASHINGTON, DC
“Even for the advanced economies, however, the outlook [in 2014) is still subject to significant risks. With inflation running below many central banks’ targets, we see rising risks of deflation, which could prove disastrous for the recovery. If inflation is the genie, then deflation is the ogre that must be fought decisively.”
The sword used by private central banks to slay the deflation “ogre” was out-of-thin-air money printing. While the Federal Reserve gradually wound down their Quantitative Easing (QE) program, other nations (Japan, China, and Russia) ramped theirs up.

JANUARY 16

1911 – ISSUANCE OF PAMPHLET SUGGESTING PLAN FOR NATIONAL PRIVATE CENTRAL BANK
US Senator Nelson Aldrich introduced a plan for creation of a national private central bank based on the conclusions developed by bankers who met secretly on Jekyll Island. GA. The Citizens League, later the National Citizens League, was formed to promote the plan. The establishment of the Federal Reserve System was the event result of the plan.

2009 – US GOVERNMENT AND FEDERAL RESERVE BAILS OUT BANK OF AMERICA CORPORATION
The U.S. Treasury and the FDIC provides $118 billion of loans, securities, and other assets in exchange for preferred shares. The U.S. Treasury invested an additional $20 billion in the bank from the Troubled Asset Relief Program (TARP) in exchange for preferred stock.

JANUARY 17

1706 – BIRTH OF BENJAMIN FRANKLIN
“The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the prime reason for the revolutionary war.”
“This effect of paper currency is not understood in England. And indeed the whole is a mystery to the politicians how we have been able to continue a war for four years without money and how we could pay with paper that had no previously fixed fund appropriated specifically to redeem it.  This currency…is a wonderful machine.”

1863 – BIRTH OF LLOYD GEORGE, BRITISH PRIME MINISTER, 1916-1922
“The international bankers swept statesmen, politicians, journalists and jurists all to one side and issued their order with the imperiousness of absolute monarchs.”

2002 – PUBLICATION OF “FUTURE OF MONEY” BY BERNARD LIETAER, BELGIAN AUTHOR, ECONOMISTS, PROFESSOR AND CIVIL ENGINEER
“Your money’s value is determined by a global casino of unprecedented proportions: $2 trillion are traded per day in foreign exchange markets, 100 times more than the trading volume of all the stock markets of the world combined. Only 2% of these foreign exchange transactions relate to the “real” economy reflecting movements of real goods and services in the world, and 98% are purely speculative. This global casino is triggering the foreign exchange crises, which shook Mexico in 1994-5, Asia in 1997 and Russia in 1998. These emergencies are the dislocation symptoms of the old Industrial Age money system.”

JANUARY 18

1910 – BIRTH OF KENNETH BOULDING, ECONOMIST, PROFESSOR, PEACE ACTIVIST, QUAKER
“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.”

JANUARY 19

2015 – NATIONAL HOLIDAY HONORING LIFE OF MARTIN LUTHER KING, JR. (it’s January 15 in 2018)
King as born on January 15, 1929 but his birthday is celebrated as a national holiday on the third Monday of the month. A few King quotes:
“Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity.”
“The ultimate tragedy is not the oppression and cruelty by the bad people but the silence over that by the good people.”
“The time is always right to do what is right.”
Ignorance and stupidity of how money is created by banking corporations and private central banks must end. Now is not the time to be silent, but to educate and advocate for a democratic monetary system, or what others call “sovereign money.”

JANUARY 20

1859 – BIRTH OF CHARLES LINDBURGH, SR., REPUBLICAN US REPRESENTATIVE AND FATHER OF THE FAMOUS AVIATOR
”
Ever since the Civil War Congress has allowed the bankers to control financial legislation. The membership of the Finance Committee in the Senate (now the Banking and Currency Committee) and the Committee on Banking and Currency in the House have been made up chiefly of bankers, their agents and their attorneys. These committees have controlled the nature of bills to be reported, the extent of them, and debates that were to be held on them when they were being considered in the Senate and the House.”
“This [Federal Reserve] Act establishes the most gigantic trust on earth. When the president signs this bill, the invisible government by the monetary power will be legalized. The people may not know it immediately but the day of reckoning is only a few years removed, the worst legislative crime of the ages perpetrated by this bank bill.”

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

MONETARY HISTORY CALENDAR: January 7 – 13

Greenbackk

JANUARY 7

1782 – BANK OF NORTH AMERICA OPENS
This was the first private commercial bank of the United States. At that time, the nation’s constitution was the Articles of Confederation. Article 9 of the Articles gave Congress the power to “emit bills of credit” — to create debt-free money. By a single vote, Congress voted to transfer their authority to issue money to the Bank of North America when it approved its charter. Thus, the Bank served as a quasi central bank (which created money as loans, called “debt money”). Why did Congress willingly give up their money power? The public argument was that the business of finance could not be competently conduced by a public body (Congress) — only by a small number of private financiers. The first head of the Bank was Robert Morris, the richest merchant in America.

1868 – SPEECH OF CONGRESSMAN SAMUEL FENTON CARY (INDEPENDENT REPUBLICAN) OF OHIO ON FLOOR OF HOUSE OF REPRESENTATIVES
“Our Constitution gives to Congress the exclusive power to coin money and regulate the value thereof… These are attributes of sovereignty and belong exclusively to the representatives of the whole people…The value of money has no relation to or dependence upon the material of which it is made. If it has the properties or powers of representing, measuring, and exchanging value, it is money; and these properties or powers are not inherent in any substance, but are conferred upon any chosen material by the sovereign power…. The Greenback, as it has been denominated, was an invaluable expedient, backing our boys in blue and covering their backs at the same time. It served our purpose well and will serve us still if permitted. It helped us through one danger and will bear us triumphantly through another unless the cupidity of bankers, bondholders and shoddy contractors shall triumph over the industrial and tax-paying classes of our people…The first step in the right direction will be to pass a law to call in and cancel the entire bank circulation and simultaneously issue an equal quantity of Treasury certificates or legal tenders.”
http://www.yamaguchy.com/library/uregina/cary68.html

JANUARY 8

1786 – BIRTH OF NICHOLAS BIDDLE, PRESIDENT OF SECOND NATIONAL BANK
Biddle threatened to cause a depression if President Andrew Jackson did not re-charter the bank. The privately owned Second Bank was chartered in 1816. President Jackson did not sign the bill to renew the charter. “This worthy President thinks that … he is to have his way with the Bank. He is mistaken…[opposition] can only be broken by the actual conviction of exiting distress in the community… Our only safety is in pursuing a steady course of firm restriction [of the money supply] – and I have no doubt that such a course will ultimately lead to restoration of the currency and the re-charter of the Bank.” The result of the contraction of the money supply was a financial panic followed by a deep depression in 1837. (Edward Kaplan, The Bank of the United States and the American Economy)

1835 – PRESIDENT JACKSON PAYS OFF THE LAST INSTALLMENT OF THE NATIONAL DEBT
He was one of the only Presidents ever to do so (with Congressional support) – following his decision, which was ultimately upheld by Congress, not to renew the charter of the private Second Bank of the United States.

JANUARY 9

2009 – TREASURY DEPARTMENT CPP TRANSACTION REPORT
The U.S. Treasury Department purchases a total of $4.8 billion in preferred stock from 43 U.S. banks under the Capital Purchase Program — one of several bank bailout programs of the US government.

JANUARY 10

1843 – BIRTH OF LORD ACTON, ENGLISH HISTORIAN, POLITICIAN, AND WRITER
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.“

1933 – BIRTH OF ROBERT POTEAT, RESEARCHER, AMERICAN MONETARY INSTITUTE
“Legislation has been introduced to relieve the nation of the abusive bank credit/debt system. It is the National Emergency Employment Defense Act, NEED Act. This Act will end the power of banks to create credit out of nothing by making bookkeeping entries. It will the restore the money power to Congress as provided by the United States Constitution, Article I, Section 8. Without the power to create credit banks will not have the power to create bubbles and recessions. Congress will create the money debt and interest free for human services and infrastructure.
“Congress will have the means to not only end the exponential growth of national debt; but, also, pay off the national debt as it comes due. Congress will have the means to fund needed human life supporting programs and infrastructure without borrowing money.”

2008 – QUOTES BY BEN BERNANKE, FORMER CHAIR OF THE US FEDERAL RESERVE (THE PRIVATE CENTRAL BANK OF THE US), ON THE US ECONOMY
(January 10, 2008) “The Federal Reserve is not currently forecasting a recession.”
(January 18, 2008) “[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself.”
The Great Recession was dated as beginning in December 2007. An estimated 8.7 million jobs were lost from February 2008 – February 2010, according to the US Labor Department. GDP contracted by 5.1% during the same period, making the Great Recession the worst since the Great Depression. Unemployment rose from 4.7% in November 2007 to peak at 10% in October of 2009.

JANUARY 11

1757 – BIRTH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY OF THE UNITED STATES
Hamilton was a major proponent of First Bank of the United States. The bank’s name gave the impression that the bank was public when it was actually privately owned. The private bank created the nation’s money as government loans – at interest – and to private individuals. Eighty percent of the stock was privately held. Hamilton considered public debt “a public blessing” because it would tie the wealthy (who would own the government bonds) of the country to the government, and they would in turn provide political support for higher taxes to pay off the government bonds.

1893 – DEATH OF BENJAMIN F. BUTLER, US GENERAL, US REPRESENTATIVE (MASSACHUSETTS) AND GOVERNOR OF MASSACHUSETTS
“The government shall issue an amount equal to its taxes…which shall be lawful money and legal tender for all debts, public and private, which by law are not made payable in coin.”

JANUARY 12

1936 – DEATH OF JOHN HYLAN, MAYOR OF NEW YORK CITY, 1918-1925
“The real menace of our republic is this invisible government, which, like a giant octopus, sprawls its slimy length over city, state and nation. Like the octopus of real life, it operates under cover of a self created screen….At the head of this octopus are the Rockefeller Standard Oil interests and a small group of powerful banking houses generally referred to as international bankers. The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes. They practically control both political parties.”

2006 – “MONETARY MYOPIA” ARTICLE IN ECONOMIST MAGAZINE ON ALAN GREENSPAN ON HIS RETIREMENT AS HEAD OF THE US FEDERAL RESERVE
‘”In December Mr. Greenspan was made a Freeman of the City of London. One of the traditional perks of this honor is that he can be drunk and disorderly without fear of arrest. The snag is that his policies have also encouraged drunk and disorderly asset markets and intoxicated consumers. When the party ends, Mr. Greenspan will not be there to clean up the mess. But end it surely will.”

And it surely has.

JANUARY 13

1808 – BIRTH OF SALMON P. CHASE, US SENATOR (OHIO), GOVERNOR OF OHIO, US TREASURY SECRETARY UNDER ABRAHAM LINCOLN, CHIEF JUSTICE OF THE US SUPREME COURT
“My agency in procuring the passage of the National Bank Act, was the greatest financial mistake of my life.  It has built up a monopoly that affects every interest in the country.  It should be repealed.  But before this can be accomplished, the people will be arrayed on one side and the banks on the other in a contest such as we have never seen in this country.” The National Bank Act established a system of nationally chartered banks. Before the Act, most banks were chartered by states. The Act permitted these new nationally chartered banks to turn government bonds into the US Treasury in exchange for the right to print an equal amount of debt-based Bank Money. This undermined U.S. Greenbacks, which was debt-free public money. Chase did not regret his decision, despite his statement. It was a lie as he acted in support of banking corporations (similar to the current Treasury Secretary). It was not an accident but a planned and deliberate action.

2007 – ARTICLE PUBLISHED BY JAMES PETRAS, PROFESSOR (EMERITUS), BINGHAMTON UNIVERSITY, NEW YORK

“Within the financial ruling class…political leaders come from the public and private equity banks, namely Wall Street – especially Goldman Sachs, Blackstone, the Carlyle Group and others.  They organize and fund both major parties and their electoral campaigns.  They pressure, negotiate and draw up the most comprehensive and favorable legislation on global strategies and sectorial policies…They pressure the government to “bailout” bankrupt and failed speculative firms and to balance the budget by lowering social expenditures instead of raising taxes on speculative “windfall” profits…These private equity banks are involved in every sector of the economy, in every region of the world economy and increasingly speculate in the conglomerates which are acquired.  Much of the investment funds now in the hands of the US investment banks, hedge funds and other sectors of the financial ruling class originated in the profits extracted from workers in the manufacturing and service sector.” Global Research – January 13, 2007

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

MONETARY HISTORY CALENDAR: December 31 – January 6

grnback

Happy New Year!

Out with the old and in with the new…well, sort of. The new year brings new entries, removal of some old entries and corrections/clarifications of existing entries. Thanks to those who throughout the year have made suggestions to add, remove and correct/clarify. Keep them coming!

Monetary Literacy has never been more important and urgent. The current financial system, if not economy, is unlike anything ever experienced in human history due to globalization, computerization, integration, corporatization and speculation. Bubbles are everywhere. Sound, rational, just and sustainable economies are nowhere. Monetary policies have distorted economies, contributed to massive wealth inequality, corrupted public policies and further plundered the planet.

The coming economic/financial “correction” will be extreme, widespread (i.e. international) and have not simply economic, but political, social, psychological, and spiritual implications. This is inevitable.

To be literate about the mess we’re in, how we got here, its roots, and proposed sane and humane alternatives is vital for those wishing to be compassionate and powerful change agents. While the coming economic/financial “correction” is inevitable, the depth and breadth of the hardship as we move toward a world that is more just, democratic and sustainable is in large part a function of what we do now with others to educate, advocate and organize. We must take control of our economy and our money system from people (of all political parties in virtually every nation) who have 100% clearly demonstrated they are incapable of ruling with the interests of the vast majority of people — and the natural world — in mind.

Being more monetarily literate is just the first step, but an essential one.

Onward!

p.s. Thanks to all those who responded to our financial appeal!

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DECEMBER 31

1781 – BANK OF NORTH AMERICA CHARTERED BY US GOVERNMENT
This was the nation’s first private commercial bank. The Articles of Confederation was the nation’s constitution at that time. Article 9 of the Articles gave Congress the power to “emit bills of credit” — to create money. By a single vote, Congress voted to willingly transfer their authority to issue money to The Bank of North America when it chartered the bank on December 31. Thus, the Bank served as a quasi-national central bank. Why did Congress willingly give up their money power? The public argument was that the business of finance could not be ably conduced by a public body (Congress) — only by a small number of private financiers. The first head of the Bank was Robert Morris, the richest merchant in America. This same argument against public issuance of money is made today – a public body can’t be trusted to create and distribute our nation’s money supply. The result is the creation and distribution of our nation’s money supply by banking corporations.

1935 – “MONOPOLY” BOARD GAME PATENTED BY U.S. GOVERNMENT
“The Bank never ‘goes broke.’ If the Bank runs out of money, the Banker may issue as much more as needed by writing on any ordinary paper.” – Monopoly board game rule book
This is how it works in real life too, thanks to the US government having handed over to banking corporations the license to issue money when they make loans. This creates money as debt, which must be repaid with interest. The alternative is the US government creating the money it needs interest-free and debt-free as stipulated in the United States Constitution, Article 1, Section 8.

1980 – DEATH OF MARSHALL MCLUHAN, CANADIAN PHILOSOPHER OF COMMUNICATION THEORY
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
This certainly applies to money creation. Most people are unwilling to believe that the vast majority of money created and circulated in our society is done privately by financial interests.

 

JANUARY 1

1817 – SECOND NATIONAL BANK OF THE US OPENS 
This was the third quasi national bank of the former British colonies — following the Bank of North America (1781-1785, charterd by the Continental Congress) and Bank of the United States (1791-1811, chartered by the US Congress). While called a “national” bank, it was not public but actually a commercial/corporate bank with the power to issue money directly (just like its two predecessors). It issued initially 20 times more money than it had in reserve its reserves as loans. This led to financial speculation and large corporate profits. A year later, it stopped issuing loans, resulting in a severe contraction of the money supply — which led to massive bankruptcies and the Panic of 1819. President Andrew Jackson believed the bank was a threat to the nation. He vetoed a bill in 1832 renewing the bank’s charter (license).

1879 – DATE TO REDEEM GREENBACKS FOR GOLD
Forces in opposition to public money passed the Resumption Act in 1875. It established January 1, 1879 as the date anyone could redeem federal Greenbacks for gold. Greenbacks were debt free money created by the Lincoln administration in his effort to avoid borrowing money from banks and having to pay interest. Why not simply create the money as stipulated in the Constitution (Art 1, Sec 8 giving the government the authority to coin money)? Bankers hoped most Greenbacks would be turned in – so that they could once more exclusively control the issuance and circulation of paper money – at enormous profit. Doomsayers predicted as Greenbacks were redeemed for gold, the nation would go bankrupt. Neither occurred. Only $135,000 in Greenbacks was exchanged for gold – nationwide. Meanwhile, $400,000 gold was exchanged for Greenbacks. The New York Daily Tribune called the day, “the grandest page in the history of the United States.”
1911 – US POSTAL SAVINGS SYSTEM OPENS
The Postal Savings System was established to provide basic banking services to the common working person. Often located in places that had no commercial banks, postal banks offered basic savings accounts to depositors, but no loans. When banks failed after the Great Depression, many people shifted their remaining funds. With post officers serving as bank branches, the Postal Savings System held upwards of 20% of the nation’s savings in the mid 1940’s with over 4 million depositors. Commercial/corporate banks lobbied against their expansion and for their elimination — which occurred in 1967.

1999 – EURO INTRODUCED
The euro replaced the national currencies of the majority of European Union nations. It was first introduced as an accounting currency (e.g. travelers cheques, electronic transfers). Euro coins and paper notes began circulating three years later. The European Central Bank controls the flow of euros, similar to the flow of dollars controlled by the Federal Reserve Bank in the U.S. In both cases, however, the “central” banks are largely private entities. The euro came under harsh criticism in 2012 as many people in many nations began to understand that the loss of national currencies equated to a loss of national sovereignty. The public influence over a nation’s money supply is still greater by having a national currency (even if issued by a private national central bank) vs a continent-wide currency controlled by a private continent-wide central bank.

JANUARY 2

1909 – BIRTH OF BARRY GOLDWATER, FORMER REPUBLICAN SENATOR FROM ARIZONA
“The Trilateralist Commission is international…(and)…is intended to be the vehicle for multinational consolidation of commercial and banking interests by seizing control of the political government of the U.S. The Trilateralist Commission represents a skillful, coordinated effort to seize control and consolidate the four centers of power-political, monetary, intellectual and ecclesiastical.”
JANUARY 3

1928 – UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION v. WESTERN UNION TELEGRAPH CO. [275 U.S. 415]
The U.S. Supreme Court stated the following in this decision regarding federal reserve banks: “Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest.”

1977 – DEATH OF CARROLL QUIGLEY, PROFESSOR AND HISTORIAN
“The influence of financial capitalism and of the international bankers who created it was exercised both on business and on governments, but could have done neither if it had not been able to persuade both these to accept two ‘axioms’ of its own ideology…by basing the value of money on gold and by allowing bankers to control the supply of money. To do this it was necessary to conceal, or even mislead, both governments and people about the nature of money and its methods of operation.” (From his book, Tragedy and Hope)

JANUARY 4

1643 – BIRTH OF SIR. ISAAC NEWTON, ENGLISH PHYSICIST AND MATHEMATICAN – FORMULATED UNIVERSAL LAW OF GRAVITATION
Governments have transferred their authority to create money to private financial institutions (including central banks) that have used this power to create money out of thin air as debt when they issue loans. Debt is like financial gravity in weighing down governments (which must repay the principle plus interest), citizens (who must pay more in taxes to cover interest payments) and the economy in general (via transfers of money from investing in producing real goods and services to the financial sector that produces nothing). The larger or heavier the debt, the less ability ultimately of governments, citizens and the economy to move and act freely.

JANUARY 5

1066 – DEATH OF KING EDWARD THE CONFESSOR 
Calling usury (interest) the root of evil, the English King declared all those who charged usury outlaws and banished them from the country.

 

2015 – INTERVIEW OF RICHARD FISHER, FORMER PRESIDENT & CEO OF THE FEDERAL RESERVE BANK OF DALLAS
“The Federal Reserve is a giant weapon that has no ammunition left…
“You have to be careful here and frank about what drove the markets…. It was, the Fed, the Fed, the Fed, the European Central Bank, the Japanese Central bank … all quantitatively driven by central bank activity. That’s not the way markets should be working…. They were juiced up by central banks, including the Federal Reserve…. So, I think you have to acknowledge reality.”

JANUARY 6

2014 – JANET YELLEN CONFIRMED AS FIRST WOMAN TO LEAD THE FEDERAL RESERVE
The U.S. Senate confirmed Yellen to lead the Federal Reserve, the private central bank of the U.S. The vote was 56-26. She replaced Ben Bernanke.
“Central bank independence in conducting monetary policy is considered a best practice for central banks around the world,” she said. “Academic studies, I think, establish beyond the shadow of a doubt that independent central banks perform better.”
http://thehill.com/policy/finance/233616-yellen-i-strongly-oppose-bill-to-audit-the-fed
Yellen presents a picture that the U.S. central bank, the Federal Reserve, is independent, which it is not.

2016 – PUBLISHED ARTICLE, “IS THE WHOLE THEORY OF SECULAR STAGNATION A HOAX?”
“Money and debt contracts are social conventions. They can be torn up, or reinvented. When we go into the next global downturn – perhaps in 2017 – we may have to resort to an entirely different form of QE. The next step is to print money to fund state spending directly, and probably behind capital constraints in a less “globalized” world.”
http://www.telegraph.co.uk/finance/economics/12083682/Is-the-whole-theory-of-secular-stagnation-a-hoax.html
[Note: Actually, an entirely different option is available not when the next global economic downturn occurs — perhaps in 2018. Instead of borrowing money created by central banks in the form of “Quantitative Easing” (QE), nation-states can create their own debt-free money. In the US, that’s authorized by Article I, Sec 8 of the U.S. Constitution.]

———————–

Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/

 

MONETARY HISTORY CALENDAR: December 24 – 30

Greenbackk

DECEMBER 24

1294 – PAPACY OF POPE BONIFACE VIII BEGINS
Benedetto Gaetani became Pope of the Catholic Church on Christmas Eve, 1294. He instituted the first Christian “Jubilee” in 1300. Jubilee has both Jewish and Christian roots. According to Wikipedia, “The concept of the Jubilee is a special year of remission of sins and universal pardon. In the Biblical Book of Leviticus, a Jubilee year is mentioned to occur every fifty years, in which slaves and prisoners would be freed, debts would be forgiven and the mercies of God would be particularly manifest.” It was also common for land to be returned. Pope Boniface VIII conditioned the forgiving of sins and debt on personal confessions and pilgrimages to sacred sites (i.e. basilicas of St. Peter and St. Paul in Rome) at least once a day for a specified time.

DECEMBER 25

2017 YEARS AGO – CELEBRATED BIRTH DATE OF JESUS
In his book, Money and its True Function, author FR Burch said, “As long as Christ confined his teachings to the realm of morality and righteousness, He was undisturbed; it was not till He assailed the established economic system and ‘cast out’ the profiteers and ‘overthrew the tables of the money changers,’ that He was doomed. The following day He was questioned, betrayed on the second tried on the third and on the fourth crucified.”

1833 – BIRTH OF MARK “BRICK” POMEROY, NEWSPAPER PUBLISHER, CURRENCY REFORMER AND ORGANIZER OF “GREENBACK CLUBS”
At the national Greenback Party convention in 1876, Pomeroy was named chairman of a committee to coordinate the activities of local Greenback clubs across the country. The clubs served as forums for monetary education and mobilization on behalf of the Greenback Party. During his leadership, Pomeroy claimed almost 6000 clubs had been chartered: the most in Missouri, followed by Illinois. Michigan, Iowa, Pennsylvania, Texas and New York.

1983 – DEATH OF ROBERT H. HEMPHILL, CREDIT MANAGER, ATLANTA FEDERAL RESERVE BANK
“This is a staggering thought. We are completely dependent on the Commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is.
2014 – “LINKING SOCIAL JUSTICE TO MONETARY REFORM” BY NICK EGNATZ ARTICLE POSTED
“Social Justice is the struggle to make society work for the vast majority of people. The comprehensive monetary reform of the NEED Act is the necessary first step on the path to realization of this struggle. The following ten points are the major social issues in which I will try to link social justice with monetary reform.”
http://www.alpheus.org/linking-social-justice-to-monetary-reform/

DECEMBER 26

2017 – “BOXING DAY”
An annual holiday celebrated in the United Kingdom and other Commonwealth nations. Traditionally, it was when servants or employees would receive gifts from their bosses or employers in “Christmas boxes.” Granting business corporations the power to create and distribute money has been the ultimate financial gift that keeps on giving every time banks create a loan “out of thin air” as debt. The lack of awareness in mainstream society of this current monetary reality and alternatives proposals to democratize money creation boxes, or limits, us as self-governing people to use the authority granted to our government to create our own money to distribute funds where we, not banks, believe are most needed.

DECEMBER 27

1945 – IMF AND WORLD BANK “ARTICLES OF AGREEMENT” ENTERED INFO FORCE
The original International Monetary Fund Articles of Agreement were adopted at the United Nations Monetary and Financial Conference at Bretton Woods, NH on July 22, 1944. They were entered into force on this date. Both institutions have used their “money power” of loan making to dictate financial and economic conditions on governments around the world.

DECEMBER 28

1856 – BIRTH OF WOODROW WILSON, 28TH PRESIDENT OF THE UNTIED STATES
“The great monopoly in this country is the monopoly of big credits. So long as that exists, our old variety and freedom and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men who, even if their action be honest and intended for the public interest, are necessarily concentrated upon the great undertakings in which their own money is involved and who necessarily, by very reason of their own limitations, chill and check and destroy genuine economic freedom.”
http://www.gutenberg.org/files/14811/14811-h/14811-h.htm

1947 – BIRTH OF SPENCER BACHUS, CONGRESSPERSON, ALABAMA, REPUBLICAN CHAIR OF THE HOUSE FINANCIAL SERVICES COMMITTEE
“In Washington, the view is that the banks are to be regulated and my view is that Washington and the regulators are there to serve the banks.”

2013 — DEATH OF MARGRIT KENNEDY, AUTHOR OF OCCUPY MONEY
“At present, we’re stuck in the near vertical part of the exponential growth curve of money assets and debt. In nature the organism harboring this diseased growth would be on the verge of death. Can we even grasp that we’ve lost control — that we don’t rule this system, but it rules us? We need a transition process in which the creative power of money issuance is transferred to new institution that will use this power to benefit society, thereby ending the continuation of our compulsive, boundless expansion of money and debt. Only via a transition of this sort can we initiate a peaceful, evolutionary process that will lead us out of the crisis.”

DECEMBER 29

1809 – BIRTH OF WILLIAM GLADSTONE, CHIEF BRITISH FINANCE MINISTER AND FOUR-TIME BRITISH PRIME MINISTER
“From the time I took office as Chancellor of the Exchequer, I began to learn that the State held, in the face of the Bank and the City, an essentially false position as to finance. The Government itself was not to be a substantive power, but was to leave the Money Power supreme and unquestioned.”
[Note: the Chancellor of the Exchequer is the equivalent to the role of Minister of Finance or Secretary of the Treasury in other nations.]

DECEMBER 30

2008 – FEDERAL RESERVE ANNOUNCES BAIL OUT PLAN
The Federal Reserve Board announces that it expects to begin to purchase up to $500 billion of mortgage-backed securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. Fannie Mae received $116 billion, Freddie Mac $71 billion.

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Why this calendar? Many people have questions about the root causes of our economic problems. Some questions involve money, banks and debt. How is money created? Why do banks control its quantity? How has the money system been used to liberate (not often) and oppress (most often) us? And how can the money system be “democratized” to rebuild our economy and society, create jobs and reduce debt? Our goal is to inform, intrigue and inspire through bite size weekly postings listing important events and quotes from prominent individuals (both past and present) on money, banking and how the money system can help people and the planet. We hope the sharing of bits of buried history will illuminate monetary and banking issues and empower you with others to create real economic and political justice. This calendar is the original project of the Northeast Ohio American Friends Service Committee. Adele Looney, Phyllis Titus, Donna Schall, Leah Davis, Alice Francini, Deb Jose and Greg Coleridge helped in its development. It is currently updated by Greg Coleridge. Please forward this to others and encourage them to subscribe. To subscribe/unsubscribe or to comment on any entry, email monetarycalendar@yahoo.com
To see the calendar year-to-date, go to https://monetarycalendar.wordpress.com/
A second historical calendar, the REAL Democracy History Calendar, in many ways complements this calendar. For information, go to https://realdemocracyhistorycalendar.wordpress.com/about/